Bethlehem workers agree on signing agreement with ISG

Bethlehem workers agree on signing agreement with ISG

According to reports from workers union USWA, Bethlehem Steel Corp. employees agreed on signing a labor agreement with International Steel Group (ISG) which took over the US bankrupt company last month with its offer of $1.5 billion. The labor contract requires wages at the range of 15$ - 20.50$ per hour, a new training program, profit sharing payments based on earnings per ton every quarter and developed health and safety rules. Besides, a new pension plan will be outlined in respect of the steelworker pension trust fund and a fund will be created for the purpose to secure health care for retirees of Bethlehem Steel. It is reported that the labor contract will be in force by September 2008.